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The share price of Bahamas Petroleum (BPC) almost doubled following an announcement of progress on its ambitions to drill an exploration well next year, but is such a big rise really justified? Today there is a further ramptastic "technical update", world class prospect, yadda, yadda, yadda.

A month ago shares in cash strapped Bahamas Petroleum (BPC) traded at 1.2p which was probably generous. for this company has struggled for years to secure the farm in partner it needs to drill its acreage in the Caribbean. But then things started to happen.

When Bahamas Petroleum (BPC) announced a confidentiality exclusivity agreement back in May I expressed scepticism as to whether that would actually result in any sort of farm-out deal ultimately being concluded.

Given the share price level of being one of the more modest of the penny stock brigade, it could be said quite fairly that Bahamas Petroleum very much fits the bill of being a Bulletin Board Hero, and therefore a stock which is usually covered here on Shareprophets in video form.

Once every three years, the long suffering shareholders in AIM casino listed Bahamas Petroleum (BPC) get the chance to get rid of CEO Simon “Harry” Potter – the next chance is next week and this is why I urge all investors to send Harry packing.

It is quite a conundrum we have here at Bahamas Petroleum in the sense that on the face of it the post-March price action on the daily chart was that of a gap fill bull trap reversal through the 200 day moving average and as high as 7.5p plus. Such a negative signal is not one you would normally be thinking of bottom fishing even a couple of months later.